$5 million philanthropy effort to help families buy a home
PHILADELPHIA, PA / ACCESS Newswire / February 24, 2025 / Wells Fargo & Co. ("Wells Fargo") is donating $5 million to HomeFree-USA to help families buy their first home, bringing the NeighborhoodLIFT® program back to Philadelphia. In collaboration with the City of Philadelphia, Affordable Housing Center of Pennsylvania (AHCOPA), and RiseUp Fund, the NeighborhoodLIFT program will offer up to $15,000 in homebuyer assistance to eligible participants and provide homebuyer education, financial coaching, and more to help put people on a pathway to homeownership.
The NeighborhoodLIFT program is redesigned to address more of the barriers to owning a home. Eligible homebuyers will have the option to use the funds for downpayment assistance, or toward paying down debt, lowering their interest rate and monthly payments, or towards closing costs. This effort is expected to help an estimated 260 eligible first-time homebuyers in Philadelphia.
"We need to keep giving people opportunities so they can rise," said Philadelphia Mayor Cherelle L. Parker. "Thank you to Wells Fargo for helping Philadelphia in a very meaningful way so that our residents will be able to see more investment in their daily lives, and to give them a real opportunity to buy their own home."
"Making homeownership more affordable will help hard-working people create generational wealth and strengthen Philadelphia neighborhoods," said Darlene Goins, head of Philanthropy and Community Impact at Wells Fargo. "NeighborhoodLIFT has helped thousands of people across the purchase their first home and, alongside Mayor Parker and our nonprofit leaders, we look forward to helping more Philadelphia residents achieve the dream of homeownership."
"HomeFree-USA is honored to be a part of this outstanding homebuying strategy. NeighborhoodLIFT provides the downpayment support, preparation and long-term post-closing guidance needed to ensure borrowers keep their homes for life," said Marcia Griffin, founder and CEO of HomeFree-USA. "NeighborhoodLIFT aims to 'lift' more individuals and families into homeownership and our nonprofit partners in Philadelphia - AHCOPA and RiseUp Fund - will help homebuyers to make their journey home a success."
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune's 2024 rankings of America's largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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From right: Stephen Briggs, Wells Fargo Philanthropy and Community Impact; Wells Fargo Head of Housing Access and Affordability Philanthropy Stacy Spann; Wells Fargo Head of Philanthropy and Community Impact Darlene Goins; Philadelphia Mayor Cherelle Parker; David Thomas, City of Philadelphia; Philadelphia Councilmember Jamie Gauthier; Angela Brooks, City of Philadelphia; and HomeFree-USA CEO Marcia Griffin during a homebuyer event on February 19, 2025 at the Enterprise Center.
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SOURCE: Wells Fargo & Company
View the original press release on ACCESS Newswire
